In Los Angeles, for example, there were 16,170 homes for-sale from mid-February to mid-March. During that same time period, there were 9,533 homes under sales contract.

However, new pending sales continue to outnumber new listings in Las Vegas, Raleigh, N.C., and Washington, D.C., according to ZipRealty’s report.

The supply of homes for sale was at 4.7 months in February, according to National Association of REALTORS® data. A 6-month to 7-month supply is considered more balanced.

The tight supply is leading to higher home prices and homes that are selling faster. About a quarter of the homes listed for sale in the following markets are selling in less than seven days: Las Vegas; Orange County, Calif.; Sacramento, Calif.; Denver; Washington, D.C.; Seattle; and Austin, Texas.